Chubb is now providing expanded insurance coverage through its Private Equity+SM offering to address the unique risks of Canadian private equity firms.
Designed as a comprehensive solution, these extended offerings help transfer and mitigate many of the private equity firms’ most significant liabilities by combining four management liability coverages including management (Directors and Officers), outside directorship, professional services (Errors and Omissions), and Employment Practices Liability in one policy.
“Private equity firms in Canada face a variety of unique and personal liability exposures due to their wide range of responsibilities. As a result, they need a comprehensive insurance product that addresses their ever-evolving activities,” said Carol McLellan, Vice President, North America Financial Lines, Chubb. “Chubb understands private equity exposures and has a long history serving the private equity marketplace, which enables us to deliver market-leading coverage enhancements, including the coverage extensions now embedded in this unique new product.”
Some of these coverage extensions include:
Portfolio company pre-acquisition defence costs that may arise from lawsuits brought against the private equity firm as controlling shareholder of a portfolio company – even when the alleged acts of the portfolio company precede the private equity firm’s acquisition date
Crisis costs incurred by the private equity firm, including hiring a public relations firm to mitigate the potential reputational damage resulting from the termination of a key executive
Defence costs incurred by a private equity firm executive as a result of his or her being interviewed by regulatory enforcement agencies
Chubb began offering coverage to private equity firms in 1997, and was one of the first insurers to develop integrated management and professional liability insurance products tailored for this market.
“Private equity firms select Chubb to be their primary insurance carrier based on our breadth of experience, financial strength, exceptional service capabilities and fair claims handling proficiencies,” said McLellan.
For more information on Private Equity+SM, click here, or contact your local Chubb broker to craft an insurance program to meet your firm’s unique and evolving needs.
Source: Company Press Release